Higgins Company purchased a patent from Monroe Limited for $203,400 on January 1, 2020. The patent has a remaining useful life of six years. Required a) Prepare the journal entry to record the purchase. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Jan Patents 203400 1 Cash 203400 To record the purchase of patents for cash b) Prepare the journal entry to record amortization for one year on December 31, 2020. The company does not use the half-year rule. Assume the straight- line method of depreciation is used. Round your answers to the nearest whole number. Date Account Title and Explanation Debit Credit Dec Amortization Expense 31 Allowance for Doubtful Accounts + To record amortization for the year

Higgins Company purchased a patent from Monroe Limited for $203,400 on January 1, 2020. The patent has a remaining useful life of six years. Required a) Prepare the journal entry to record the purchase. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Debit Credit Jan Patents 203400 1 Cash 203400 To record the purchase of patents for cash b) Prepare the journal entry to record amortization for one year on December 31, 2020. The company does not use the half-year rule. Assume the straight- line method of depreciation is used. Round your answers to the nearest whole number. Date Account Title and Explanation Debit Credit Dec Amortization Expense 31 Allowance for Doubtful Accounts + To record amortization for the year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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